Bitfarms Improves Hashrate To 1.2 EH/s

Bitfarms (TSXV: BITF) this morning provided a corporate update on the status of its digital currency mining operations, revealing that it has achieved an installed hashrate of 1.2 EH/s. More significantly however, the firm has entered into an arrangement to put older-generation equipment into service at other locations in the US.

The arrangement, entered into with that of Blockware Solutions and Blockware Mining, will see older-gen and mid-gen hardware to Blockware’s US-based facilities for installation. The arrangement will extend the useful lifespan of equipment of up to 250 PH/s worth of older equipment, while enabling the firm to maintain the latest equipment at its Quebec facility.

Over 2,000 miners have been installed and put into operation under this arrangement. Newer models of hardware currently contain 4x the hashrate, meaning the arrangement enables the company to continuously upgrade its equipment for efficiency.

In terms of mining capacity, the company is adding roughly 8 bitcoins a day to its inventory, with 489 bitcoins reportedly held by the company as of March 23. The inventory pilot program has resulted in the company amassing inventory worth US$27.0 million based on pricing as of last night.

Finally, the company has paid deposits for the raw equipment required to expand its Quebec facility by an additional 80 MW. Upon completion, the facility will be able to support 20,000 additional miners.

Bitfarms last traded at $6.89 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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